STOCK TITAN

Bpifrance sells 4.19M Constellium (CSTM) shares, keeps 6.2% stake

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Bpifrance Participations has reduced its position in Constellium SE through a significant secondary sale. On May 26, 2026, it sold 4,190,000 Ordinary Shares in two block trades at $33.89 per share. Following these transactions, Bpifrance Participations holds 8,403,903 Ordinary Shares, representing about 6.2% of Constellium’s Ordinary Shares, based on 136,150,450 shares outstanding as of April 1, 2026.

Bpifrance S.A., Caisse des Depots, and EPIC Bpifrance are deemed beneficial owners of the same 8,403,903 shares through their ownership structure, but do not hold shares directly. In connection with the block sales, Bpifrance Participations agreed to a 60‑day lock-up restricting additional share disposals, subject to certain exceptions and approvals.

Positive

  • None.

Negative

  • None.

Insights

Large holder sells 4.19M Constellium shares but retains a 6.2% stake.

The filing shows Bpifrance Participations executed two block trades totaling 4,190,000 Constellium Ordinary Shares at $33.89 per share. After the sale, it still directly holds 8,403,903 shares, representing about 6.2% of the company’s Ordinary Shares.

Through Bpifrance S.A., CDC and EPIC Bpifrance are deemed beneficial owners of the same 8,403,903 shares, but none holds shares directly. A 60‑day lock-up limits additional disposals of Ordinary Shares or related securities, which temporarily stabilizes this shareholder’s ownership level.

The sale is sizable in absolute terms but leaves a meaningful remaining stake, so this looks like portfolio rebalancing rather than a complete exit. Future ownership updates in subsequent beneficial ownership filings may clarify whether this stake continues to decline or stabilizes around current levels.

Block trade shares sold 4,190,000 shares Ordinary Shares sold May 26, 2026 in two block trades
Block trade price $33.89 per share Price for each of the two block trades
Shares beneficially owned 8,403,903 shares Ordinary Shares beneficially owned by Bpifrance Participations
Ownership percentage 6.2% Portion of Constellium Ordinary Shares represented by 8,403,903 shares
Shares outstanding 136,150,450 shares Constellium Ordinary Shares outstanding as of April 1, 2026
Lock-up period 60 days Period Bpifrance Participations agreed not to dispose of additional shares
block trades financial
"On May 26, 2026, Bpifrance Participations sold 4,190,000 Ordinary Shares by two block trades each at $33.89 per share."
A block trade is a single, large buy or sell of shares or bonds arranged privately between big traders rather than piecemeal on the public market. Think of it like buying a whole shipment at once instead of many small shopping trips; it lets large holders move big positions with less immediate disruption but can signal strong buying or selling pressure and cause price swings once the trade is known, so investors watch block trades for clues about market sentiment and liquidity.
beneficial owner financial
"Bpifrance S.A. may be deemed to be the beneficial owner of 8,403,903 Ordinary Shares, indirectly through its sole ownership of Bpifrance Participations."
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Ordinary Shares financial
"This Amendment relates to the Ordinary Shares, nominal value Euro 0.02 per share of Constellium SE."
Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.
dispositive power financial
"Shared Dispositive Power 8,403,903.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Schedule 13D regulatory
"This Amendment is being filed by Bpifrance Participations S.A. and others pursuant to Section 13(d)(3) of the Securities Exchange Act of 1934."
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
lock-up financial
"Bpifrance Participations has agreed, for a period of 60 days, to not offer, pledge, sell ... any Ordinary Shares of the Issuer."
A lock-up is an agreement that prevents company insiders, early investors or employees from selling their shares for a set period after a public share offering. It matters to investors because it temporarily limits the number of shares available to trade—like a scheduled hold on extra inventory—and when that hold ends a large number of shares can enter the market, potentially putting downward pressure on the stock price and revealing insiders’ confidence in the company.
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FAQ

What change in ownership did Bpifrance report for Constellium (CSTM)?

Bpifrance Participations reported selling 4,190,000 Constellium Ordinary Shares in two block trades at $33.89 per share. After these sales, it still directly holds 8,403,903 Ordinary Shares, representing about 6.2% of Constellium’s outstanding Ordinary Shares based on April 1, 2026 data.

How large is Bpifrance’s remaining stake in Constellium (CSTM) after the sale?

After the May 26, 2026 block trades, Bpifrance Participations holds 8,403,903 Constellium Ordinary Shares. This represents approximately 6.2% of Constellium’s Ordinary Shares, calculated using 136,150,450 shares outstanding as of April 1, 2026, as disclosed in the company’s definitive proxy statement.

Which entities are deemed beneficial owners of Constellium (CSTM) shares in this filing?

Bpifrance Participations directly holds 8,403,903 Constellium Ordinary Shares. Bpifrance S.A. is deemed a beneficial owner through its sole ownership of Bpifrance Participations. CDC and EPIC Bpifrance are deemed beneficial owners through their joint ownership and control of Bpifrance S.A., though none holds shares directly.

What is the significance of the 6.2% ownership level in Constellium (CSTM)?

The filing states that 8,403,903 Ordinary Shares represent about 6.2% of Constellium’s Ordinary Shares. This percentage is based on 136,150,450 Ordinary Shares outstanding as of April 1, 2026. It confirms Bpifrance Participations remains a notable, though minority, shareholder after the reported block trades.

Did Bpifrance agree to any lock-up restrictions on Constellium (CSTM) shares?

Yes. In connection with the May 26, 2026 block sales, Bpifrance Participations agreed for 60 days not to offer, pledge, sell, or otherwise transfer Constellium Ordinary Shares or related convertible or exercisable securities, subject to certain exceptions and approvals. This temporarily restricts further disposals by this shareholder.

What type of transactions did Bpifrance use to sell Constellium (CSTM) shares?

Bpifrance Participations sold 4,190,000 Constellium Ordinary Shares via two block trades at $33.89 per share. Block trades are large, privately negotiated transactions, typically executed with institutional buyers, allowing sizable positions to change hands without numerous smaller market trades.





F21107101

(CUSIP Number)
Sophie Paquin
6-8, boulevard Haussmann,
Paris, I0, 75009
33 1 53 89 55 73


John Partigan Lloyd Spencer
Nixon Peabody LLP, 799 9th Street NW, Suite 500
Washington, DC, 20001
202-585-8000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
05/26/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Caisse des Depots (CDC)
Signature:/s/ Laurence Giraudon
Name/Title:Laurence Giraudon/ Chief Operating Officer, Finance and Operations Department, Asset Management Division
Date:05/28/2026
Bpifrance Participations S.A.
Signature:/s/ Sophie Paquin
Name/Title:Sophie Paquin/Director of Legal Affairs
Date:05/28/2026
Bpifrance S.A.
Signature:/s/ Boubakar Dione
Name/Title:Boubakar Dione/Group Director of Legal Affairs
Date:05/28/2026
EPIC Bpifrance
Signature:/s/ Sophie Paquin
Name/Title:Sophie Paquin/Director of Legal Affairs
Date:05/28/2026